The Bank of Ghana has maintained that figures reported in relation to losses from gold operations in 2025 should be described as speculative.
The Bank argues that since its audited financial statement, including all relevant disclosures, will be published next year in accordance with statutory requirements, it would not be right to give any credence to these reports.
This disclosure was contained in a document from the Bank of Ghana seen by JOYBUSINESS.
The Bank of Ghana further argued that although the IMF review flagged financial risks associated with the Domestic Gold Purchase Programme, it is important to place these concerns within the broader context of the programme’s significant macroeconomic contribution.
It stated that the Domestic Gold Purchase Programme should be seen as a policy tool that has helped to boost Ghana’s international reserves, supported currency stability, and enabled access to large volumes of foreign exchange without incurring new debt.
“The operational role of GOLDBOD as an aggregator has been important in channelling gold-based inflows from the small-scale mining sector into the official market,” the document from the Bank of Ghana seen by JOYBUSINESS stated.
“This collaborative structure between the Bank and GOLDBOD has ensured that the DGPP remains anchored in public policy objectives,” it added.
Proposed reforms
The Bank of Ghana also revealed that, recognising the macro and fiscal cost of the Domestic Gold Purchase Programme, the Board of the Bank of Ghana has recently approved reforms to improve pricing and operational efficiency in the downstream segment of the programme.
These reforms, the Bank of Ghana said, will be rolled out beginning in January 2026, in line with budgetary provisions made in the 2026 national budget to fully resource GOLDBOD and ensure its sustainability as it evolves.
“Priorities will include reducing intermediation fees, improving cost efficiency, and achieving competitive yet economically sound buying prices, with benefits for both the sector and the broader economy,” the Bank of Ghana added.
The Central Bank also highlighted its new foreign exchange operations framework as critical to these discussions.
It explained that the framework has been designed in line with global best practices and clarifies intervention triggers, separates reserve accumulation from market intermediation, and enhances transparency, all aimed at deepening confidence in the foreign exchange markets.
The functioning of this framework is closely tied to the stability and efficiency of GOLDBOD’s operations, reinforcing the need for continued oversight and operational discipline.
Bank of Ghana reserves
The Bank of Ghana stated in the document that the IMF staff report also confirms that Ghana’s macroeconomic environment has improved markedly.
This improvement has occurred due to the implementation of the extended credit facility, despite current global challenges.
Based on these developments, real GDP growth has exceeded expectations, inflation has declined faster than projected into the Bank of Ghana’s target range, and international reserves are expanding steadily.
The Central Bank further argued that fresh data as of mid December suggest that international reserves could exceed US$13 billion by the end of 2025, contributing to rising confidence in the economy.
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